State-run Romanian Black Sea shipyard Santierul Naval Constanta expects to cut losses this year and to upgrade facilities to make it more attractive ahead of its sell-off, an official said. "Declining traffic in the Constanta Port last year, mainly due to the Yugoslav conflict, has affected our 1999 results," Dan Mocanu, head of the shipyard's privatization department, said. He said the shipyard had losses of $21.9 million last year, but revived port activity was expected to trim these to $7.8 million by end-2000. "We are expecting increased activity, with more vessels to be repaired and new ones built this year, to cushion part of last year's losses," he said. Mocanu said the yard, which repairs about 200 ships a year, was expected this year to sign a contract worth about $19 million with Germany's Ferrostaal Essen and another $12 million contract with Thyssen-Krupp group. The shipyard has a share capital of around $10.3 million and company officials say it needs an annual $50 million in contracts to operate profitably.
Arab Shipbuilding and Repair Yard Company (Asry) said that it expected net operating income to reach about $135 million by the end of this year, compared to $111 million last year. The board praised the notable improvement in sales and net profit after depreciation till the end of October, which is estimated at $11.5 million, an 88 percent increase over the net profit for the same period last year of $6.1 million.
Houma, La.-based Gulf Island Fabrication reported steady earnings and higher revenue recently. The company’s net income during the quarter that ended Sept. 30 was $10m, the same amount it earned for the period one year ago. On a diluted per share basis, Gulf Island earned 70 cents in the recent quarter, compared with 72 cents last year. However, Gulf Island reported revenue for the recent quarter was $124.9m, up from $89.7m last year.
Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year
Newport News Shipbuilding reported net earnings of $20 million, or $.58 per diluted share for the third quarter of 1999. Earnings before interest and taxes (EBIT) for the quarter were $47 million, up 9 percent from EBIT of $43 million in the same period last year. NNS posted third quarter revenues of $451 million versus $462 million in the third quarter last year.
According to a report from Ebeling Heffernan, China Shipbuilding Industry Co. (CSIC), the country’s northern shipbuilding giant, said its net profit last year rose 7.28% to about $246b. Due to a recovery in the Global shipbuilding market and a rise in orders, shipbuilding business has increased business 38.17% from the same period last year, it said. (SourceL Ebeling Heffernan)
Import volume at the nation’s major retail container ports is expected to drop 8.4 percent in February from the same time last year as the shipping cycle reaches its slowest month of the year, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. “Ports and distribution centers are getting the break they deserve after the busy holiday season, but it won’t last long
Shares of Neptune Orient Lines Ltd (NOL) slumped as much as 6.8 percent on Monday morning after it said it expects to book a profit for the full year but that the results would be much lower than the previous year. The world's sixth largest container ship operator fell to a 17-month low of S$1.08 before crawling back to S$1.11, down $0.05 in moderate trade of more than two million shares. The Singapore Exchange had suspended the stock after its president and CEO Flemming Jacobs warned of
U.S. ports continued to post positive tonnage numbers in October. The Seaway’s year-to-date total cargo shipments from March 22 to October 31 were 29 million metric tons, up 2 percent from the same period last year. “With just two months left in the 2011 navigation season, the Seaway is on track to meet its projected seven percent improvement over last year’s tonnage performance,” says Rebecca Spruill
Import cargo volume at the nation’s major retail container ports is expected to be up nine percent in December over the same month last year, and 2010 should end with a 17 percent increase over last year, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates. “The nation’s improving economy has been reflected in the amount of merchandise imported by retailers this year
Matson, Inc., a U.S. carrier in the Pacific, announced that Matson Navigation Company, Inc. (Matson) will raise its rates for the company's Hawaii service by $225 per westbound container and $110 per eastbound container, effective January 4, 2015.
Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the Northern Marianas Islands (CNMI) and Micronesia services by $225 for both westbound and eastbound containers, effective January 25, 2015
Containerized imports shipped through the Port of Oakland were up 9.17% in October from a year ago, the port said, citing the surge as the biggest jump in import cargo volume in six months. According to statistics released today, vessels discharged the equivalent of 73
Expanding on the Reefer RoRo Ship design release in September last year, naval architects group Knud E. Hansen A/S has continued the development of the new Reefer RoRo Ship design with version II. A video showcasing the design is available here.
East Africa's biggest port, Mombasa, expects to handle at least 14 percent more cargo this year, helped by its expanded capacity and a marketing drive, its management said on Thursday. The Indian Ocean port handles fuel, consumer goods and other imports for Uganda, Burundi, Rwanda, South Sudan
The South Carolina Ports Authority (SCPA) announced today that October volumes were up nearly 17 percent year over year, continuing a growth trend in container traffic well above the organization's financial plan. SCPA handled 164,672 twenty-foot equivalent units (TEUs) in October, up from 141
JPMorgan Chase & Co has hired Edwin Tay, formerly with Glencore, as a senior crude oil trader in Singapore, industry sources said on Wednesday. Tay starts with the U.S. bank in January, they said. JPMorgan declined comment. JPMorgan completed the sale of its multibillion-dollar physical
Port of Long Beach reports a modest rise in imports, but congestion tempers gains Cargo container numbers at the Port of Long Beach rose 1.1 percent overall in October compared to the same month last year, with congestion issues likely nudging some shipments into November
Teekay’s Petrojarl Knarr FPSO has received PSA Norway’s Acknowledgement of Compliance (AoC), and has now arrived the Knarr field in the North Sea. The AoC is a statement from the PSA expressing the authorities’ confidence that petroleum activity can be performed by the facility
Officials for Italy's Tuscany region and the island of Giglio said on Monday they would seek a total of 220 million euros ($274 million) in damages from Costa Cruises, a unit of Carnival Corp, for the 2012 Concordia cruise liner disaster.
The Georgia Ports Authority reported that its terminals in Brunswick and Savannah moved a combined 2.79 million tons of freight in October, a record for the authority. "Strong growth across all key sectors of our business is an indication that our ports are reaching a larger and more
OSX Brasil SA, the bankrupt shipbuilder controlled by Brazilian tycoon Eike Batista, posted a net loss of 160.8 million reais ($61.8 million) in the third quarter, the company said in a securities filing on Friday. OSX reported a net loss of 1.77 billion reais in the same period last year.
* Group revenue increased by 16.8% to US$ 96.8 million for 3Q2014, higher revenue across all the three business segments * Offshore Chartering, as the major revenue and profit generator, registered higher profit even as overall market was weak
The Great Lakes limestone trade racked up its fifth straight month of increases over the corresponding period last year in October, Lake Carriers’ Association reported. Stone cargos totaled 3.7 million tons, an increase of 2.8 percent
Import cargo volume at the United States’s major retail container ports is expected to slow down this month following record levels seen in September and October as retailers rushed to bring merchandise into the country ahead of a possible shutdown of West Coast ports